Thanks so much for the great write up! So many great turns of phrase, like " the fiscal joys of full citizenship" and a reference to Scrooge McDuck--makes me wish I had written them myself.
As for my name it has always been confusing. Originally because everyone thought I was a man, and later because people wondered if I was "related."
The answer is no--it was a gift of Ellis Island when they gave the Megadowskys and the Medyevs the same name: Madoff.
One other difference is that we pronounce our name Mad-off (like Rachel Maddow)--and the "other ones" are Made-off.
But I sometimes worry in pointing that out that I sound like Gene Wilder in Young Frankenstein, where he says-- That's "Fronk-en-stine" Ah Well!
In any event, I am very grateful for this great write up and the wonderful feedback I have had from readers about my book.
Thanks for that biographical background -- and for this fascinating book, which helped get me through tax season.
It seems extraordinarily difficult to write about tax policy in an engaging way; congratulations on doing it so well.
(Perhaps our paths crossed back in the day? We moved from Milton, Mass -- not far from the Johnson family billionaires, though I'm sure my path never crossed theirs....)
Since my wife really did just clean the vegetable drawer in the fridge, I guess it's time to order Professor Madoff's book. I think Ron highlighted the main points, which I already had an inkling of, but knowing the details might be valuable. Or, maybe, just blood boiling.
I wish we had a clue of what could actually be done. The French Revolution approach seems kind of icky.
Let’s remember when Hillary pressed trump about him not paying taxes for 18 years, he leaned into the microphone for primordial effect and said, “That makes me smart.” With the logical conclusion that he considers all of us, you know, taxpayers dumb.
Hillary needed to respond "that makes you a parasite", ideally with an addition - someone who does not pay any part of his own way should not be president.
In a later debate, she said she would increase taxes on the rich, but maybe Trump wouldn't be paying anyway. He called her a nasty woman for saying it - a direct consequence from what he had said earlier.
Some debating rules would have allowed her to speak to a point of personal privilege to rebut the insult.
I cannot stand the idea that we supposedly live in a merit-based society. Plenty of people work their butts off for very little. Does anyone merit an inheritance? No. All we did to merit millions was win the rich dad lottery. The development of trusts will keep the fabulously wealthy fabulously wealthy. Cap inheritances at $100k per person. No money to charities, trusts, or any other organization to prop up fou
ndational wealth. Of course, the wealthy can still make donations before death. We somehow believe we are not responsible for our government, but we the people have elected our way into this mess and we the people, especially the rich, need to pay our way out of it. P.S.I know this will never happen. It's just another rant to add to our social media shit storm. Love to all!
Finally finding a moment to catch up on my Ron Charles obsession. Every morning when I check my calendar, I think "To Ron or not to Ron," and hope to have time to read YOUR soliloquies, which are also superb (although they do sometimes leave me wrecked.)
I'm the same way. I aways want to click on every link, so I know there are several editions of his newsletter from back at that paper I used to subscribe to still waiting for me to read them.
I had no idea about the NASA research conducted with the Gallaudet College students. People are mostly unaware of all the scientific research conducted by NASA as part of the space programs over the years. I'll also add a thought about taxes. Never forget that you vote for the people who are involved in writing the Internal Revenue Code. Neither political party is perfect, but one party is especially interested in making certain that the wealthy and corporations do not pay their fair share, regardless of how you define that term. I'd also recommend Vanessa Williamson's The Price of Democracy: The Revolutionary Power of Taxation in American History. You can listen to Heather Cox Richardson's interview with Professor Williamson to get an idea of her argument of how paying taxes supports democracy. This will also tie into the political party that appears to be very anti-democratic at the moment.
In Canada, there is no inheritance tax but you are deemed to have sold your assets the day you die. If you own them jointly with a spouse, the spouse becomes sole owner -- no tax attributable until they die. Your home is exempt from taxable capital gains if it is your primary residence. Your cottage and other properties are taxed based on current fair value. This prevents huge wealth transferring down the generations without the rest of society sharing in some of the gains. It helps reduce wealth inequality between the golden sperms and the regular folks.
I have to work on my taxes today, so your column was a timely reminder about how unfair the system is. Also, one of my nicknames is Gillie Bean-- but I'm not nearly as energetic as a Jack Russell!
We have an insane system. I think I should be able to file electronically without paying a private company, which means I print it out and mail it in. The IRS was experimenting with a system to let folks file on line, but the current administration ended that. The Free File Forms are only available if you don't itemize deductions. The system is NOT easy. End of rant.
Once again, your substack is a treasure trove! Well worth my paid subscription. I take notes, add to my library hold list, bookseller wish lists, forward movie trailers, read poetry (Me! Reading poetry!)............ Thank you, Ron!
Thanks so much for the great write up! So many great turns of phrase, like " the fiscal joys of full citizenship" and a reference to Scrooge McDuck--makes me wish I had written them myself.
As for my name it has always been confusing. Originally because everyone thought I was a man, and later because people wondered if I was "related."
The answer is no--it was a gift of Ellis Island when they gave the Megadowskys and the Medyevs the same name: Madoff.
One other difference is that we pronounce our name Mad-off (like Rachel Maddow)--and the "other ones" are Made-off.
But I sometimes worry in pointing that out that I sound like Gene Wilder in Young Frankenstein, where he says-- That's "Fronk-en-stine" Ah Well!
In any event, I am very grateful for this great write up and the wonderful feedback I have had from readers about my book.
Thanks for that biographical background -- and for this fascinating book, which helped get me through tax season.
It seems extraordinarily difficult to write about tax policy in an engaging way; congratulations on doing it so well.
(Perhaps our paths crossed back in the day? We moved from Milton, Mass -- not far from the Johnson family billionaires, though I'm sure my path never crossed theirs....)
So much good stuff in this post today!
Excellent, as always.
Since my wife really did just clean the vegetable drawer in the fridge, I guess it's time to order Professor Madoff's book. I think Ron highlighted the main points, which I already had an inkling of, but knowing the details might be valuable. Or, maybe, just blood boiling.
I wish we had a clue of what could actually be done. The French Revolution approach seems kind of icky.
I'll send you my copy if you clean our fridge!
Hahahahahahahahaha....
Let’s remember when Hillary pressed trump about him not paying taxes for 18 years, he leaned into the microphone for primordial effect and said, “That makes me smart.” With the logical conclusion that he considers all of us, you know, taxpayers dumb.
Hillary needed to respond "that makes you a parasite", ideally with an addition - someone who does not pay any part of his own way should not be president.
In a later debate, she said she would increase taxes on the rich, but maybe Trump wouldn't be paying anyway. He called her a nasty woman for saying it - a direct consequence from what he had said earlier.
Some debating rules would have allowed her to speak to a point of personal privilege to rebut the insult.
My fav part of those debates was DJT stalking her onstage, ugh.
I wish there were a medical tax deduction for all the books I buy to improve and maintain my mental health!
Get your doctor to write a prescription for them and it just might work!
I cannot stand the idea that we supposedly live in a merit-based society. Plenty of people work their butts off for very little. Does anyone merit an inheritance? No. All we did to merit millions was win the rich dad lottery. The development of trusts will keep the fabulously wealthy fabulously wealthy. Cap inheritances at $100k per person. No money to charities, trusts, or any other organization to prop up fou
ndational wealth. Of course, the wealthy can still make donations before death. We somehow believe we are not responsible for our government, but we the people have elected our way into this mess and we the people, especially the rich, need to pay our way out of it. P.S.I know this will never happen. It's just another rant to add to our social media shit storm. Love to all!
Finally finding a moment to catch up on my Ron Charles obsession. Every morning when I check my calendar, I think "To Ron or not to Ron," and hope to have time to read YOUR soliloquies, which are also superb (although they do sometimes leave me wrecked.)
I'm the same way. I aways want to click on every link, so I know there are several editions of his newsletter from back at that paper I used to subscribe to still waiting for me to read them.
I had no idea about the NASA research conducted with the Gallaudet College students. People are mostly unaware of all the scientific research conducted by NASA as part of the space programs over the years. I'll also add a thought about taxes. Never forget that you vote for the people who are involved in writing the Internal Revenue Code. Neither political party is perfect, but one party is especially interested in making certain that the wealthy and corporations do not pay their fair share, regardless of how you define that term. I'd also recommend Vanessa Williamson's The Price of Democracy: The Revolutionary Power of Taxation in American History. You can listen to Heather Cox Richardson's interview with Professor Williamson to get an idea of her argument of how paying taxes supports democracy. This will also tie into the political party that appears to be very anti-democratic at the moment.
In Canada, there is no inheritance tax but you are deemed to have sold your assets the day you die. If you own them jointly with a spouse, the spouse becomes sole owner -- no tax attributable until they die. Your home is exempt from taxable capital gains if it is your primary residence. Your cottage and other properties are taxed based on current fair value. This prevents huge wealth transferring down the generations without the rest of society sharing in some of the gains. It helps reduce wealth inequality between the golden sperms and the regular folks.
Exactly. (Madoff mentions that practice in Canada as an example.)
We have a lot fewer billionaires.
Thank you, Ron - always good (if infuriating) to be reminded of the perennial drive to find ways around rules designed for the common good. *sigh*
Sounds like an excellent recommendation. Unfortunate that the author's name is Madoff, though!
I had the same troubling thought: "Wait a minute...."
Spot on! Caught my eye right off also and briefly thought it was a belated April fools day joke...
Ron, I wish we could have been old friends.
I have to work on my taxes today, so your column was a timely reminder about how unfair the system is. Also, one of my nicknames is Gillie Bean-- but I'm not nearly as energetic as a Jack Russell!
Good luck with the taxes!
We have an insane system. I think I should be able to file electronically without paying a private company, which means I print it out and mail it in. The IRS was experimenting with a system to let folks file on line, but the current administration ended that. The Free File Forms are only available if you don't itemize deductions. The system is NOT easy. End of rant.
This is not the podcast I would like Usha Vance to host! Everything else in here is pure gold.
Once again, your substack is a treasure trove! Well worth my paid subscription. I take notes, add to my library hold list, bookseller wish lists, forward movie trailers, read poetry (Me! Reading poetry!)............ Thank you, Ron!
So delighted to hear you're enjoying this, JL! Many thanks.
Same in France. Great post, thank you 😘